Consider the market shown in equilibrium at point A in the graph to the right. Suppose the market experiences the following shock: A technological improvement 1.) Use the line drawing tool to show the result of the market shock. Properly label this line. 2.) Use the point drawing tool to indicate the new equilibrium price and quantity. Label this new point 'B'. Carefully follow the instructions above, and only draw the required objects.

Consider the market shown in equilibrium at point A in the graph to the right. Suppose the market experiences the following shock: A technological improvement 1.) Use the line drawing tool to show the result of the market shock. Properly label this line. 2.) Use the point drawing tool to indicate the new equilibrium price and quantity. Label this new point 'B'. Carefully follow the instructions above, and only draw the required objects.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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